Succession certificate

manoj (Querist) 07 February 2014 This query is : Resolved
good evening sir,as my sister's husband expired 5 yrs ago nd for shares of 9 lacs in dmat acct. v filled a case for succession certificate nd court awarded a S.C. on the name of my sister nd her two childers one of them is minor nd fourth her mother n law.now problem is that for 4 persons cant held a dmat account so how can v sell or transfre those shares .please advise me sir.

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Advocate. Arunagiri (Expert) 07 February 2014
For transfering the shares, within the known person, it is not necessary to have a demat account. Take the help of any share broker, he will help you.

Guest (Expert) 07 February 2014
Any one of the Legal Heir who is major must hold a proper Demat a/c to get the shares of the deceased to be transferred to that a/c.other major legal heir could give their consent for transfer and on behalf of the minors an affidavit to be submitted by mother who is the sole guardien now.Get it confirmed with the DP where the deceased is having Demat a/c and the new a/c could be opened there it self.Once it is transferred you could decide whether to sell or operate.

Rajendra K Goyal (Expert) 07 February 2014
You can get the procedural help from a share broker.

Expert N.J.S.Rajkumar alias narasimha ji has advised practical solution.

Guest (Expert) 07 February 2014
You could also confirm with the DP where the deceased is having the demat a/c whether Nominee provision is there in that a/c.If it is there your problem is more simplified.Meet the DP in person.

Devajyoti Barman (Expert) 07 February 2014
Yes.
However to avoid such complications you can redeem the sares and get the money on the a/c of the beneficiaries.

Raj Kumar Makkad (Expert) 08 February 2014
One person can take power of attorney of other major persons whereas the minor shall be represents through her mother.

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